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How Adani helped in takeover of Sanghis?

KT NEWS SERVICE. Dated: 8/6/2023 5:19:40 AM

NEW DELHI, August 5: Congress general secretary (media) Jairam Ramesh on Saturday said the Adani group has repeatedly profited from well-timed Modi-made raids by the investigative agencies on its business competitors.

He said the latest episode is the chronology of the takeover of Sanghi Industries by the Adani-owned Ambuja Cements. Our statement on the rise of the Modi-Made Monopolies (3M). The chronology is:

-- 28 April 2023: India's third-largest cement producer Shree Cement is reported to be in talks to acquire Sanghi Industries.

-- 21 June 2023: Income Tax Department launches raids against Shree Cement at five locations.

-- 19 July 2023: Shree Cement exits race to acquire Sanghi Industries.

-- 3 August 2023: Adani-owned Ambuja Cements announces it has acquired Sanghi Industries.

Sanghi's unit in Sanghipuram, Gujarat, is India's single-location cement and clinker plant. The associated Sanghipuram Port will also further facilitate Adani's port monopoly. Given its importance for his close friends, PM Modi has left no stone unturned to ensure control of these assets by the Adani Group.

Jairam said: "What we are seeing is part of a longstanding pattern of misuse of investigating agencies to enrich the PM's cronies. Agencies like ED and CBI are not only being mused to break apart opposition parties and bring down the opposition-ruled government, with 95% of investigations aimed against the opposition leaders. Prized assets like Mumbai airport, Krishnapatnam Port and now Sanghi Industries are being handed over to the Adani Group following raids by these agencies."